SERS PICK-UP. A. The Southeast Local Board, herewith, agrees to "pick-up" (assume and pay) contributions to the School Employees' Retirement System (SERS) upon behalf of the employees in the bargaining unit on the following terms and conditions: 1. The amount to be "picked-up" and paid on behalf of each employee shall equal the amount he/she is required by SERS to pay into his/her account. The employee's annual compensation shall be reduced by an amount equal to the amount "picked-up" and paid by the Board of Education. 2. The "pick-up" percentage shall apply uniformly to all members of the bargaining unit. 3. No employee covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer "pick-up." 4. The "pick-up" shall apply to all compensation, including supplemental earnings thereafter. 5. It is anticipated that the Internal Revenue Service will treat this contribution "pick-up" by the employer as the employer contributions for annuity contracts. In the event, however, the Internal Revenue Service requires payment of taxes on the amount paid by the employer on behalf of the employee, the responsibility for payment of the taxes shall rest with the individual employee.
Appears in 4 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
